Why is it important to introduce a culture of insurance?CCRIF is designed to offer insurance at affordable rates and is supported by the Global Facility for Disaster Reduction and Recovery (GFDRR). Because... Show More + of its large membership, it has been able to diversify its portfolio and purchase insurance coverage at more favorable terms, resulting in an average of 50 percent savings, in comparison to countries who bought insurance individually from international markets.This first meeting looked at the benefits of expanding the facility to a larger pool of countries, which would not only provide savings on the operating costs, but also significantly reduce the premiums to existing members.Hasan Tuluy, World Bank Vice President for Latin America and the Caribbean who was chairing the meeting, highlighted that the CCRIF is a true example of both a regional public good where collective action has clear financial benefits as well as a private-public partnership that can help countries address the Show Less -

Biggers cties, increased riskSince over 80 percent of the region’s population lives in cities, urban projects are of the essence. Recent regional actions focus on: Improving urban planning, infrastructure... Show More + and building safetyReinforcing drainage systems to reduce flooding, storm and health threatsInstalling early warning systems, conducting public preparedness drillsAdopting measures to adapt to the increasing impact of climate changeDetermining the likelihood of a disaster plays a crucial role in any preventive measures. This is why Latin American countries are doubling up on efforts to better assess such risks. Counting the costColombia, which has been plagued by natural disasters with both high economic and human costs, has placed a high premium on reducing the risk for the most vulnerable: children and the sick. With that in mind, Colombian authorities have just completed a vulnerability reduction program for schools and hospitals in Bogota. The recently released Sendai report notes Show Less -